Calpers: just not that into you

The Californian public pension fund ends its relationship with hedge funds

Band leader Freddie Hendrix at Ronnie Scott’s
©Benjamin Amure

Orange / Jazztel: swing time

European telecoms M&A is turning into a raucous party

Tesla: high times

Good value in the long term, but less so in the short term?

SoftBank: playing the market

Group should sell stake in Alibaba bought for $20m in 2000 and is now worth more than $50bn

TRW/ZF: Safety first

Deal price doesn’t reflect potential of driverless technology

A SABMiller employee is seen working on the Hero lager bottling production line in Nigeria
©Bloomberg/OneRedEye

Beer: drinking competition

Heineken’s shareholders have the right to be heard

water cooler in the shape of the Twitter logo
©Meeson

Twitter: feeding time

What is the company pecking at with its $5bn or more?

Sinopec: SOE near yet SOE far

Oil company restructuring leaves a bad taste

Venezuela: Whose default is it?

Is a sovereign default looming?

Anonymous analytics: the truth will out

Short selling is good for capital markets. Anonymity may not be

  • Asos: mind over shmatter

    Really, it is nothing new. People have been involved in the shmatter business – buying and selling clothes – for thousands of years. It has always been competitive, and still is.

    So consider Asos, which has grown rapidly by overlaying new technology onto this ancient business. When the shares were priced at 100 times earnings (February this year) there was an expectation that this growth rate could last forever. Turns out it couldn’t. Here is what has happened to Asos’ revenue growth over the past three years.

    Continue reading: Asos: mind over shmatter
  • Microsoft buys Minecraft, Lex digs in

    Microsoft has announced that it has bought Mojang, the company that makes Minecraft, for $2.5bn. Lex hates this deal, as we detailed in a note last week. The broad point is this: Microsoft left the Ballmer era and entered the Nadella era as a company badly in need of a strategic identity. Mr Nadella seemed to be establishing one when he suggested the Xbox was not core. Now comes his first big deal. It’s for a gaming company. Argh.

    A few people have been in touch to disagree. They offer three arguments:

    Continue reading: Microsoft buys Minecraft, Lex digs in
  • Brewer M&A: Big Beer

    Heineken has rejected an approach from SABMiller. Is this a cue to the one last big round of beer market consolidation which M&A bankers are (unsurprisingly) often rather keen to talk up? Who would be involved — and exactly where would shareholder value come from?

    Continue reading: Brewer M&A: Big Beer
  • Lex Live on brewer M&A…

    See you at 1pm (London time) on Monday, when Lex will be discussing brewer M&A in one of our new open-note formats on this blog. (It’s like Alphaville’s Markets Live.)

    The trigger is Heineken’s rejection of an approach from SABMiller. We however are more interested in that one last big round of beer market consolidation which M&A bankers are (unsurprisingly) often rather keen to talk up. Who would be involved — and exactly where would shareholder value come from?

    Continue reading: Lex Live on brewer M&A…